The Partnership made loans available to those general partners and, in limited circumstances, subordinated limited partners (in each case, other than members of the ELT) who require financing for some or all of their Partnership capital contributions. Loans made by the Partnership to such partners were generally for a period of one year and bore interest at the greater of the Prime Rate for the last business day of the prior fiscal month or 3.25% per annum. Loans were renewed for 2025. The Partnership recognizes interest income for the interest earned related to these loans. The outstanding amount of Partnership loans is reflected as a reduction to total Partnership capital. As of December 31, 2024 and 2023, the outstanding amount of Partnership loans was $473 and $439, respectively. Interest income earned from these loans, which is included in interest and dividends in the Consolidated Statements of Income, was $46, $40 and $18 for the years ended December 31, 2024, 2023 and 2022, respectively.

The following table shows the roll forward of outstanding Partnership loans for the years ended December 31:


	2024			2023
Partnership loans outstanding at beginning of year	$	439		$	335
Partnership loans issued during the year		270			319
Repayment of Partnership loans during the year		(236	)		(215	)
Total Partnership loans outstanding	$	473		$	439

The minimum 7.5% annual return on the face amount of limited partnership capital was $131, $132 and $91 for the years ended December 31, 2024, 2023 and 2022, respectively. These amounts are included as a component of interest expense in the Consolidated Statements of Income.

The Partnership filed a Registration Statement on Form S-8 with the SEC on December 8, 2021, to register $700 of Interests issuable pursuant to the Partnership's 2021 Employee Limited Partnership Interest Purchase Plan (the "2021 Plan"). In early 2023, the Partnership issued $568 of Interests under the 2021 Plan. The remaining $132 may be issued at the discretion of the Managing Partner in the future. The Partnership also issued $7 in 2024 pursuant to a private placement offering and may issue additional Interests and Profits Interests from time to time in the future. Proceeds from these offerings of Interests are expected to be used to meet growth needs or for other purposes.